Trying to get a loan through traditional channels when you have bad credit can be practically impossible. Even if you have a decent amount of income and haven’t been late on any of your bills for a long time, if your credit score isn’t up to par, most lenders won’t give you the time of day.
Because of this, you need to think a little bit outside of the box when it comes to bad credit cash loans. Fortunately, there are several different options you can consider including the following:
Payday Loans. If you are currently employed, payday loans can be a good way to get cash in a hurry. Typically all you need to do to qualify is bring in a copy of your latest paycheck stub and a photo ID. The only read drawbacks to these loans is that they can only be used for short-term needs since they have to be paid back by your next payday. They also carry high interest rates, and should only be used in emergencies.
Title Loans. If you own a vehicle, you could take out a title loan. These loans use the title of your car as collateral. You just need to make sure that you pay the loan back on time. Otherwise the lender could seize your vehicle and sell it to recover the money you borrowed.
Pawn Shop Loans. If you have power tools, electronics, sporting equipment, jewelry or other valuable items sitting around unused you could take them to your local pawn shop for some quick cash. You can either choose to sell them outright, or you can make payments on the money you borrowed to get them back again.
These are just a few types of bad credit cash loans that you may want to consider if you need money in a hurry. Compare lenders and choose the best cash loan for you!